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DOL Releases 2023 Audit Quality Study

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David Torrillo
Tuesday, December, 05, 2023 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
The DOL released its 2023 Audit Quality Study based on the plan year 2020 Form 5500 filings. This is the 4th Audit Quality Study performed. The previous studies were performed by in 1997, 2004 and 2015. Read More
401(k)403(b)Audit QualityDOLEBSAPension Plans

DOL Proposed Changes to VFCP, including Adding Self-Correction for Late Contributions

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David Torrillo
Thursday, December, 01, 2022 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
The U.S. Department of Labor announced that its Employee Benefits Security Administration has proposed updates to its Voluntary Fiduciary Correction Program, including a self-correction component for employers who fail to send employee salary withholding contributions or participant loan repayments to retirement plans in a timely manner. Read More
401(k)403(b)DOLEBSA

DOL Cautions Fiduciaries About Cryptocurrency in 401(k) Plans

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David Torrillo
Friday, March, 11, 2022 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
On March 10, 2022, the Department of Labor (“DOL”) issued Compliance Assistance Release No. 2022-01, 401(k) Plan Investments in “Cryptocurrencies.” In this guidance (see below), the DOL cautions plan fiduciaries to exercise extreme care before they consider adding a cryptocurrency option to a 401(k) plan’s investment menu for plan participants. Read More
401(k)CryptocurrenciesDOLEBSAEnforcement prioritiesPlan Fiduciary UpdateRegulatory Priorities

2021 Form 5500 Released

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David Torrillo
Thursday, December, 30, 2021 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
The U.S. Department of Labor’s Employee Benefits Security Administration, the IRS and the Pension Benefit Guaranty Corporation today released informational copies of the 2021 Form 5500 Annual Return/Report and related instructions – including the Form 5500-SF. Read More
DOLEBSAEFAST 2 Filing of Form 5500sForm 5500IRSPBGC

2021 Employee Benefit Plans Accounting, Auditing & Regulatory Update

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David Torrillo
Thursday, December, 09, 2021 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
As a firm which specializes in the audits of employee benefit plans, we continually monitor accounting, regulatory and current events which may impact plans. As a member of the Employee Benefit Plan Audit Quality Center (EBPAQC), we recently attended the December 2021 American Institute of Certified Public Accountants (AICPA) annual Employee Benefit Plans, Accounting, Auditing
401(k)403(b)Audit QualityCybersecurityDefined Benefit PlansDOLEBSAEPCRSIRSMortality TablesPension Plans

DOL Sets Second Calendar Quarter of 2022 as Compliance Date for Lifetime Income Illustrations

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David Torrillo
Wednesday, July, 28, 2021 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Retirement - 401(k), 403(b)
The Employee Benefits Security Administration (EBSA) of the Department of Labor (DOL) issued on July 26, 2021 Frequently Asked Questions which indicate participant-directed plans must provide lifetime income illustrations on quarterly statements by the second calendar quarter of 2022. Read More
401(k)403(b)DOLEBSALifetime Income Illustrations

DOL Clarifies Form 5500 COVID-19 Relief Provided for Late Contributions and Loan Repayments

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David Torrillo
Tuesday, July, 06, 2021 / Published in Employee Benefit Plans, Forms and Procedures, News and Press Releases, Policy Updates, Retirement - 401(k), 403(b)
Per the AICPA AICPA Employee Benefit Plans Audit Quality Center, the DOL staff has stated that in accordance with relief provided in EBSA Disaster Relief Notice 2020-01; Guidance and Relief for Employee Benefit Plans Due to the COVID-19 (Novel Coronavirus) Outbreak, the Department will not take enforcement action for participant payments and withholdings not made
401(k)COVID-19 ReliefDOLEBSAEnforcement prioritiesForm 5500
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Recent Posts

  • US Department of Labor Rescinds 2022 Guidance on Cryptocurrency in 401(k) Plans

    In Compliance Assistance Release No. 2025-01, t...
  • DOL Issues Guidance on Missing Participants and Transfers to State Unclaimed Property Funds

    Field Assistance Bulletin No. 2025-01, Missing ...
  • DOL Updates the Voluntary Fiduciary Correction Program

    Following up on proposed changes, the DOL has u...

Categories

  • Employee Benefit Plans
  • Forms and Procedures
  • News and Press Releases
  • Policy Updates
  • Retirement – 401(k), 403(b)
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Torrillo & Associates, LLC specializes in employee benefit plan audits, 401k audits, 403b audits, pension plan audits, and retirement plan audits. We are licensed in 7 states including New York, New Jersey, and Pennsylvania.  With firm mobility, we are also able to practice in an additional 27 states.

36 Regency Plaza
Glen Mills, PA 19342

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